Decision makers need sector-specific, policy-focused, dynamic economic models with rich representations of technological progress. These allow them to understand how the energy transition is likely to unfold with different policies and what its impacts might be. A new generation of models is emerging to meet these demands, but more action is needed.
This is a preview of subscription content, access via your institution
Access options
Access Nature and 54 other Nature Portfolio journals
Get Nature+, our best-value online-access subscription
$29.99 / 30 days
cancel any time
Subscribe to this journal
Receive 12 digital issues and online access to articles
$119.00 per year
only $9.92 per issue
Buy this article
- Purchase on Springer Link
- Instant access to full article PDF
Prices may be subject to local taxes which are calculated during checkout
References
Peñasco, C., Anadón, L. D. & Verdolini, E. Nat. Clim. Change 11, 257–265 (2021).
Economic Report to the President (Council of Economic Advisors, 2022); https://www.whitehouse.gov/wp-content/uploads/2022/04/ERP-2022.pdf
Serafeim, G. Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework Technical Note 123-014 (Harvard Business School, 2022).
The Impact of Climate Change on the UK Insurance Sector: A Climate Change Adaptation Report by the Prudential Regulation Authority (Bank of England, 2015); https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/publication/impact-of-climate-change-on-the-uk-insurance-sector.pdf
Mercure, J. F. et al. Energy Strat. Rev. 20, 195–208 (2018).
Mercure, J. F. et al. Nat. Energy 6, 1133–1143 (2021).
Bailie, A. et al. Renew. Sustain. Energy Trans. 4, 100061 (2023).
Way, R., Ives, M. C., Mealy, P. & Farmer, J. D. Joule 6, 2057–2082 (2022).
Berryman, A. et al. Modelling labour market transitions: The case of productivity shifts in Brazil. In New Economic Models of Energy Innovation and Transition (EEIST, 2023); https://eeist.co.uk/eeist-reports/new-economic-models-of-energy-innovation-and-transition/
Lamperti, F., Dosi, G., Napoletano, M., Roventini, A. & Sapio, A. Technol. Forecast. Social Change 153, 119806 (2020).
Methodologies and Considerations for Integrating the Physical and Transition Risks of Climate Change into Macroeconomic Forecasting for the President’s Budget (Council of Economic Advisors, 2023); https://www.whitehouse.gov/wp-content/uploads/2023/03/CEA-OMB-White-Paper.pdf
Strachan, N., Fais, B. & Daly, H. Reinventing the energy modelling–policy interface. Nat. Energy 1, 16012 (2016).
Dietz, S. & Hepburn, C. Energy Econ. 40, 61–71 (2013).
Nemet, G. How Solar Energy Became Cheap: A Model for Low-carbon Innovation (Routledge, 2019).
Mercure, J. F. et al. Glob. Environ. Change 70, 102359 (2021).
Author information
Authors and Affiliations
Corresponding author
Ethics declarations
Competing interests
The authors declare no competing interests.
Rights and permissions
About this article
Cite this article
Barbrook-Johnson, P., Mercure, JF., Sharpe, S. et al. Economic modelling fit for the demands of energy decision makers. Nat Energy 9, 229–231 (2024). https://doi.org/10.1038/s41560-024-01452-7
Published:
Issue Date:
DOI: https://doi.org/10.1038/s41560-024-01452-7